Iran and the United States pulled an all-nighter in Switzerland, and both sides say it was actually productive. Iranian officials announced major progress following intense overnight negotiating sessions aimed at finalizing a peace deal within a two-month window.
A memorandum of understanding was signed electronically by US President Donald Trump and Iranian representatives, kicking off what amounts to a 60-day sprint to get a comprehensive agreement across the finish line. The countdown began around June 18, with mediators from Qatar and Pakistan describing the results as “encouraging progress.”
What the deal framework looks like
The MoU outlines a timeline for technical negotiations and continued discussions between the two sides. Among the critical steps on the table: reopening the Strait of Hormuz and halting military operations.
For context, the Strait of Hormuz is one of the most strategically important chokepoints on the planet. Roughly a fifth of global oil supply passes through it on any given day.
